The Dow plunges as much as 446 points as trade tensions soar

Saul Loeb/ AFP/ Getty Images.US president Donald Trump.

Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.

Here is the scoreboard as of 1 p.m. ET: 

Dow Jones industrial average24,238.62 −342.27 (-1.39%)

S&P 500: 2,710.75 −44.13 (-1.60%)

Nasdaq: 7,505.05 −187.76 (-2.44%)

New rules that would curb investment in American technology firms are reportedly in the works within the Treasury Department. The Wall Street Journal reported Sunday that the initiatives would block companies with more than 25% Chinese ownership from buying “industrially significant” technology companies. But Treasury Secretary Steven Mnuchin said Monday on Twitter that the rules could be applied to “all countries that are trying to steal our technology.”

Chinese tech stocks sold off on the news, with iQiyi sliding as much as 9% and Tencent falling nearly 6%.

Among the biggest Nasdaq decliners was Netflix, which dropped more than 6% to below the key $400 level. Shares of General Electric, which will leave the Dow Jones industrial average on Tuesday, fell as much as 1.5% after the company said it would sell its distributed-power business.

Also Monday, Wisconsin’s Harley-Davidson tumbled more than 6% after saying it would move some production out of the US amid retaliatory tariffs the company said would bring about a “tremendous cost increase.” The move comes after the European Union pushed back on Trump’s steel and aluminum tariffs with its own duties on politically significant US products like motorcycles.

Oil prices fell as part of anticipation for increasing supply, with Brent sliding as much as 2% to under $74 a barrel. The OPEC cartel of oil producers agreed at a summit over the weekend in Vienna to ease supply cuts next month, a move analysts expect to bring 700,000 to 1 million additional barrels a day to the market in coming months.

Treasury yields also slipped following the report, with the 10-year down 2.3 basis points to 2.877%. The dollar struggled to find direction against a basket of currencies, and the euro ticked higher.

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